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CostaBaja Announces New Partnership Speeding Development
GRUPO CONCORD and PREI® PARTNER TO DEVELOP COSTABAJA RESORT & MARINA IN MEXICO’S SEA OF CORTEZ
Mexico City, June 5, 2008 — Grupo Concord, developer of CostaBaja Resort & Marina, a world-class tourist real estate project located adjacent to the city of La Paz, Baja California Sur announces that it has formalized a partnership with PREI, the real estate investment management business of Prudential Financial Inc. (NYSE: PRU) to jointly develop the second phase of this major tourism project.
The companies informed that the US$800 million investment will be aimed at constructing residential units, a golf course designed by worldwide known golf legend Gary Player, a spa, and the whole infrastructure necessary for the completion of the project that is expected to generate a significant number of new jobs and further economic development in the region.
This phase includes the construction of residential units, a Gary Player Design golf course, and a resort spa, with investments of US$800 million.
Alejandro Magaña, General Director of Grupo Concord, said: “We believe that our newly formed partnership with PREI will strengthen our market position and provide us with a platform to successfully continue the development of the project in the city of La Paz. The CostaBaja complex already has a marina for 250 boats, a 120-room hotel, retail and entertainment areas surrounding the marina, and 50 residential units, all of which required an initial investment of US$120 million.”
According to Manuel Arango, President of Grupo Concord, “La Paz is the gateway to the natural wonders of the Gulf of California. We have been committed to the region for several decades, during which we helped protect the natural heritage and promote its sustainable development. One example is our participation in the rescue and donation of the Espiritu Santo Island, off the coast of La Paz, to the Mexican nation, so that it could be preserved”. Mr. Arango also noted that The Sea of Cortez is home to a third of the world’s dolphins and that Jacques Cousteau labeled it the “aquarium of the world.”
“We are proud to form this partnership with Grupo Concord, which has been committed to sustainable development and natural preservation,” said Roberto Ordorica, CEO of PREI-Latin America. “This project provides our investors with an excellent opportunity to participate in Mexico’s rapidly growing tourism industry and strengthens our commitment to Mexico.”
Grupo Concord has a longstanding presence in Mexico’s real estate development market. Manuel Arango founded Grupo Concord in the 1970’s which evolved into one of the most reputable development firms in Mexico with important office and residential projects in Mexico City and Acapulco. Grupo Concord since its inception has been associated with the innovation and quality of its projects such as Playamar, a series of very successful condominium residential projects in Acapulco.
In the last five years, Grupo Concord, expanded into tourism-related real estate projects in the Sea of Cortez, having planned and developed CostaBaja Resort & Marina in La Paz, Baja California Sur. For more information please visit www.costabajaresort.com
PREI’s specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia, and Latin America. The company's fund management operations, located in Parsippany, N.J.; Atlanta, Munich, London, Mexico City and Singapore, are supported by a network of local offices throughout the world. As of March 31, 2008, Pramerica managed $31.5 billion in net assets on behalf of more than 400 clients and is ranked among the largest real estate investment managers.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $631 billion of assets under management as of March 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.prudential.com.
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